There are many ways to accept cross-border payments: online wallets, bank cards, fiat and cryptocurrency transfers, BNPL services and more. Statista estimates that in 2023, about half of international transactions were made using e-wallets, while bank cards accounted for 22%.
We will tell you how to get paid from America and Europe and which payment systems are relevant for these purposes.
Major Payment Methods in Europe and the USA
E-commerce companies have several ways to accept international payments. For trade with Europe and the USA, the following are the most relevant:
- E-wallets. This is a convenient method that offers high security and speed of payment processing. Such services already account for half of international transactions and, according to experts, this percentage will continue to grow: by 2025, the use of services such as Google Pay and Apple Pay in the U.S. will increase twice as much as in 2020.
- Credit card. The second most popular payment method. Most services offer the function of accepting online payments from credit cards. One important advantage for the customer is the ability to make even large out-of-plan purchases, which increases conversion rates. This is especially important for companies offering high-priced goods.
- Debit card. This is another convenient way to accept payment from Europe or the US. Although many shoppers are gradually switching to e-wallets, debit bank cards are still relevant. One of the main advantages is the simplicity of payment: the buyer does not need to create accounts in any services and just enter the payment information in the fields on the checkout page.
- Account-to-account (A2A) transfer. This method involves direct bank transfers, making it possible to receive payment from another country without involving intermediaries in the form of payment systems.
The main advantages of A2A are low fees and the security of payment data. Nevertheless, tracking such transactions can be inconvenient, and the method itself will not suit all customers. - Buy Now, Pay Later. Connection of BNPL services is an option of accepting payment on the website, where the client can pay for the purchase later (the period can be from several weeks to six months), and the company receives the full amount at once.
This option is relevant for stores with expensive goods and allows you to attract an audience that does not have the opportunity to pay for the purchase immediately. - Cash on delivery. A method that allows the client to pay for the order upon receipt. This gives the buyer a guarantee that the company will fulfill its obligations, and increases trust in the store.
Nevertheless, for an online store accepting payments in this way can have its disadvantages: in particular, if the customer refuses to receive the order, the cost of transportation of the order doubles, as the company pays for its shipment back to the warehouse. - Cryptocurrency payment. Payment services that support the processing of crypto transactions make it possible to track transactions, collect statistics, convert the funds received and withdraw them to one's account in cryptocurrency or fiat. From the buyers' point of view, such transactions provide convenience as well as anonymity.
Popular Payment Services
PayPal
PayPal is among the most popular services for accepting payments from the USA and Europe. It has a wide audience (over 200 million), which includes both large companies and private customers.
Customers who have a PayPal wallet can pay for an order in a few clicks: the payment button takes the user to the PayPal checkout, where the transaction is executed.
Transferring to PayPal Checkout ensures security, making buyers more likely to trust the store, and also saves the customer's time, which helps increase the percentage of successfully placed orders. In addition, the service offers PayPal Credit to US shoppers for deferred payment.
PayPal rates are calculated depending on the currency and country.
Stripe
Stripe is an international payment system. If PayPal's main advantage is convenience and ease of use, Stripe is designed for businesses and offers tools for tracking transactions, collecting statistics, working with data and reporting, calculating taxes, and a number of other operations.
One of the service's most important advantages is the developer tools, which allow you to customize payments to meet the needs of a particular store. Stripe also offers high-quality protection (including the anti-fraud service Stripe Radar), more than 135 supported currencies and payment methods, and a convenient dispute resolution system.
The standard commission is 2.9% + $0.30.
Square
Square is a service for online and offline retailers. In addition to features such as checkout payment processing and invoice creation, Square provides entrepreneurs with POS terminals and programs for accepting payments during in-person settlements.
For online operations, Square offers a hosting option as well as online shopping cart customization tools. Transactions processed by all methods involved are tracked through a single cabinet, which provides convenient control over all operations.
The basic commission is 2.6% + $0.1.
Braintree
Braintree is a service from PayPal. It offers users PayPal-level security combined with advanced tools designed for companies and online stores: statistics, reporting, integrations with e-commerce platforms and much more. Among the main pluses are high-quality tech support, processing of popular payment methods, and anti-fraud.
The service fee is calculated based on the selected payment option. The rate for credit/debit cards and wallets is 2.59% + $0.49.
Adyen
Adyen is a service for companies operating in multichannel mode. The system provides tools for both online and offline businesses. Payment transactions go through the Unified Commerce system, which allows you to track all transactions made.
One of the advantages of the system is more than 100 available payment methods: from popular services to local payment methods. The commission consists of a fixed processing fee (€0.11) and an additional fee.
Dwolla
Dwolla is a service for making ACH transfers (directly between bank accounts). The system is suitable for companies focused on the US market.
Dwolla offers several payment options: standard transactions, same day transfers, and instant payments. The use of ACH allows for lower fees and a high level of security. Fees are calculated on an individual basis.
Note that ACH payments are not suitable for all customers, and it is recommended to use this service in combination with more conventional payment methods.
Google Pay
Google Pay is a payment service from Google focused on customer convenience. Clients can save their card data and pay for orders in a few clicks. The service can be used both in online stores and offline payments.
Google Pay guarantees users protection from fraudulent transactions thanks to the Google Pay Shield system, as well as the security of payment and personal information. An important advantage is the absence of internal commissions: funds are immediately transferred to the bank account.
Amazon Pay
Amazon Pay is an international payment system from Amazon. It allows you to use your Amazon account to pay for orders. This makes the service especially in demand among companies focused on the American audience.
The wallet allows you to pay for orders during checkout, use deferred payments, and pay in installments. The fee consists of several parts and depends on the payment method and whether the transaction was made within the country or cross-border.
How to Connect a Cross-Border Payment System
Requirements may differ for different payment acceptance services. As a rule, the user must undergo verification and provide the requested documents, link a bank account. Sometimes additional checks are also conducted, for example, an online interview.
In addition, the website to which the platform will be integrated must comply with certain regulations (in particular, it must contain an agreement, privacy policy, delivery and return conditions), and the business itself must be among those permitted by law and the internal rules of the payment system.
One of the important criteria on the basis of which services decide whether to approve or prohibit integration is the country where the legal entity is opened.
Accepting Crypto Payments with CryptoCloud
One more way to work with other countries is to connect the acceptance of cryptocurrency payments. Crypto transactions are an international payment method that is not subject to sanctions.
CryptoCloud is a payment system that offers users the ability to automate the processing of cryptocurrency transfers. The system allows to pay via checkout and payment links, collect statistics. Users can connect several projects to one personal account at once.
Connecting cryptocurrency processing is much easier and faster than integrating a classic payment system. The user does not need to undergo verification - only an email address is required. There are a number of ready-made plugins for integration. Connection is free of charge, commission for transaction processing - from 0.4%.
Processing Payments from Europe and the USA
For successful business with a foreign audience, it is important to provide customers with the opportunity to use familiar payment methods: bank cards, e-wallets, services for deferred payments, etc. There are many systems that allow you to automate payment and make this process convenient, safe and fast.
Crypto payments with CryptoCloud processing is one of the ways entrepreneurs can work with the international audience. The service can be connected in a few minutes and work both through the website and other channels of communication with the client - for example, messengers and social networks or in an app.
